Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Financial Information (Tables)

v3.19.2
Condensed Consolidating Financial Information (Tables)
6 Months Ended
Aug. 03, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet [Table Text Block]

Condensed Consolidating Balance Sheet
As of August 3, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
320

 
$
100

 
$
254

 
$

 
$
674

Receivables
1

 
44

 
195

 

 
240

Merchandise inventories

 
2,138

 
2,891

 

 
5,029

Prepaid expenses and other current assets

 
139

 
464

 

 
603

Income taxes
39

 

 

 
(39
)
 

Total Current Assets
360

 
2,421

 
3,804

 
(39
)
 
6,546

Property and Equipment – net

 
3,162

 
3,321

 

 
6,483

Right of Use Assets

 
660

 
1,976

 

 
2,636

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
4

 
436

 

 
440

Other Assets

 
39

 
689

 

 
728

Deferred Income Taxes
9

 

 

 
(9
)
 

Intercompany Receivable
2,564

 

 
643

 
(3,207
)
 

Investment in Subsidiaries
3,484

 
2,957

 

 
(6,441
)
 

Total Assets
$
6,417

 
$
12,569

 
$
11,451

 
$
(9,696
)
 
$
20,741

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$

 
$
6

 
$

 
$

 
$
6

Merchandise accounts payable

 
717

 
957

 

 
1,674

Accounts payable and accrued liabilities
74

 
754

 
1,911

 

 
2,739

Income taxes

 
47

 
12

 
(39
)
 
20

Total Current Liabilities
74

 
1,524

 
2,880

 
(39
)
 
4,439

Long-Term Debt

 
4,680

 

 

 
4,680

Long-Term Lease Liabilities

 
594

 
2,242

 

 
2,836

Intercompany Payable

 
3,207

 

 
(3,207
)
 

Deferred Income Taxes

 
643

 
572

 
(9
)
 
1,206

Other Liabilities
28

 
364

 
873

 

 
1,265

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
6,315

 
1,557

 
4,884

 
(6,441
)
 
6,315

Noncontrolling Interest

 

 

 

 

Total Shareholders' Equity
6,315

 
1,557

 
4,884

 
(6,441
)
 
6,315

Total Liabilities and Shareholders' Equity
$
6,417

 
$
12,569

 
$
11,451

 
$
(9,696
)
 
$
20,741




Condensed Consolidating Balance Sheet
As of August 4, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
744

 
$
66

 
$
258

 
$

 
$
1,068

Receivables
1

 
43

 
217

 

 
261

Merchandise inventories

 
2,121

 
2,835

 

 
4,956

Prepaid expenses and other current assets

 
135

 
445

 

 
580

Income taxes
46

 

 

 
(46
)
 

Total Current Assets
791

 
2,365

 
3,755

 
(46
)
 
6,865

Property and Equipment – net

 
3,253

 
3,294

 

 
6,547

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
41

 
442

 

 
483

Other Assets

 
89

 
776

 

 
865

Deferred Income Taxes
10

 

 

 
(10
)
 

Intercompany Receivable
1,347

 

 
1,038

 
(2,385
)
 

Investment in Subsidiaries
3,876

 
3,140

 

 
(7,016
)
 

Total Assets
$
6,024

 
$
12,214

 
$
9,887

 
$
(9,457
)
 
$
18,668

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$

 
$
42

 
$
21

 
$

 
$
63

Merchandise accounts payable

 
788

 
1,007

 

 
1,795

Accounts payable and accrued liabilities
84

 
777

 
1,747

 

 
2,608

Income taxes

 
33

 
28

 
(46
)
 
15

Total Current Liabilities
84

 
1,640

 
2,803

 
(46
)
 
4,481

Long-Term Debt

 
5,457

 
16

 

 
5,473

Intercompany Payable

 
2,385

 

 
(2,385
)
 

Deferred Income Taxes

 
588

 
616

 
(10
)
 
1,194

Other Liabilities
24

 
441

 
1,161

 

 
1,626

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
5,916

 
1,703

 
5,313

 
(7,016
)
 
5,916

Noncontrolling Interest

 

 
(22
)
 

 
(22
)
Total Shareholders' Equity
5,916

 
1,703

 
5,291

 
(7,016
)
 
5,894

Total Liabilities and Shareholders' Equity
$
6,024

 
$
12,214

 
$
9,887

 
$
(9,457
)
 
$
18,668







Condensed Consolidating Balance Sheet
As of February 2, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
ASSETS:
 
 
 
 
 
 
 
 
 
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
889

 
$
59

 
$
214

 
$

 
$
1,162

Receivables

 
68

 
332

 

 
400

Merchandise inventories

 
2,342

 
2,921

 

 
5,263

Prepaid expenses and other current assets

 
143

 
477

 

 
620

Total Current Assets
889

 
2,612

 
3,944

 

 
7,445

Property and Equipment – net

 
3,287

 
3,350

 

 
6,637

Goodwill

 
3,326

 
582

 

 
3,908

Other Intangible Assets – net

 
38

 
440

 

 
478

Other Assets

 
41

 
685

 

 
726

Deferred Income Taxes
12

 

 

 
(12
)
 

Intercompany Receivable
1,713

 

 
1,390

 
(3,103
)
 

Investment in Subsidiaries
4,030

 
3,119

 

 
(7,149
)
 

Total Assets
$
6,644

 
$
12,423

 
$
10,391

 
$
(10,264
)
 
$
19,194

LIABILITIES AND SHAREHOLDERS’ EQUITY:
 
 
 
 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$

 
$
42

 
$
1

 
$

 
$
43

Merchandise accounts payable

 
713

 
942

 

 
1,655

Accounts payable and accrued liabilities
170

 
950

 
2,246

 

 
3,366

Income taxes
14

 
52

 
102

 

 
168

Total Current Liabilities
184

 
1,757

 
3,291

 

 
5,232

Long-Term Debt

 
4,692

 
16

 

 
4,708

Intercompany Payable

 
3,103

 

 
(3,103
)
 

Deferred Income Taxes

 
679

 
571

 
(12
)
 
1,238

Other Liabilities
24

 
406

 
1,150

 

 
1,580

Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Macy's, Inc.
6,436

 
1,786

 
5,363

 
(7,149
)
 
6,436

Noncontrolling Interest

 

 

 

 

Total Shareholders' Equity
6,436

 
1,786

 
5,363

 
(7,149
)
 
6,436

Total Liabilities and Shareholders' Equity
$
6,644

 
$
12,423

 
$
10,391

 
$
(10,264
)
 
$
19,194



Condensed Consolidating Statement of Cash Flows [Table Text Block]

Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 3, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
223

 
$
(207
)
 
$
283

 
$
(76
)
 
$
223

Impairment and other costs

 

 
3

 

 
3

Equity in loss (earnings) of subsidiaries
(214
)
 
138

 

 
76

 

Dividends received from subsidiaries
606

 

 

 
(606
)
 

Depreciation and amortization

 
169

 
303

 

 
472

Gains on sale of real estate

 
(24
)
 
(25
)
 

 
(49
)
Changes in assets, liabilities and other items not separately identified
(52
)
 
47

 
(294
)
 

 
(299
)
Net cash provided by operating activities
563

 
123

 
270

 
(606
)
 
350

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net of dispositions

 
(97
)
 
(345
)
 

 
(442
)
Other, net

 
(11
)
 
(1
)
 

 
(12
)
Net cash used by investing activities

 
(108
)
 
(346
)
 

 
(454
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid, including debt issuance costs

 
(42
)
 

 

 
(42
)
Dividends paid
(233
)
 

 
(606
)
 
606

 
(233
)
Issuance of common stock
6

 

 

 

 
6

Intercompany activity, net
(813
)
 
93

 
720

 

 

Other, net
(92
)
 
(21
)
 
(15
)
 

 
(128
)
Net cash provided (used) by financing activities
(1,132
)
 
30

 
99

 
606

 
(397
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(569
)
 
45

 
23

 

 
(501
)
Cash, cash equivalents and restricted cash at beginning of period
889

 
64

 
295

 

 
1,248

Cash, cash equivalents and restricted cash at end of period
$
320

 
$
109

 
$
318

 
$

 
$
747









Condensed Consolidating Statement of Cash Flows
For the 26 Weeks Ended August 4, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Cash flows from operating activities:
 
 
 
 
 
 
 
 
 
Net income (loss)
$
306

 
$
(122
)
 
$
525

 
$
(413
)
 
$
296

Impairment and other costs

 
(2
)
 
38

 

 
36

Settlement charges
6

 
16

 
28

 

 
50

Equity in earnings of subsidiaries
(304
)
 
(109
)
 

 
413

 

Dividends received from subsidiaries
492

 

 

 
(492
)
 

Depreciation and amortization

 
165

 
305

 

 
470

Gains on sale of real estate

 
(42
)
 
(28
)
 

 
(70
)
Changes in assets, liabilities and other items not separately identified
(154
)
 
298

 
(381
)
 
(1
)
 
(238
)
Net cash provided by operating activities
346

 
204

 
487

 
(493
)
 
544

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Purchase of property and equipment and capitalized software, net of dispositions

 
(49
)
 
(271
)
 

 
(320
)
Other, net

 
(15
)
 
(28
)
 
51

 
8

Net cash used by investing activities

 
(64
)
 
(299
)
 
51

 
(312
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Debt repaid

 
(306
)
 
(1
)
 
(50
)
 
(357
)
Dividends paid
(232
)
 

 
(492
)
 
492

 
(232
)
Issuance of common stock
38

 

 

 

 
38

Proceeds from noncontrolling interest

 

 
5

 

 
5

Intercompany activity, net
(441
)
 
162

 
279

 

 

Other, net
(76
)
 
(9
)
 
(5
)
 

 
(90
)
Net cash used by financing activities
(711
)
 
(153
)
 
(214
)
 
442

 
(636
)
Net decrease in cash, cash equivalents and restricted cash
(365
)
 
(13
)
 
(26
)
 

 
(404
)
Cash, cash equivalents and restricted cash at beginning of period
1,109

 
79

 
325

 

 
1,513

Cash, cash equivalents and restricted cash at end of period
$
744

 
$
66

 
$
299

 
$

 
$
1,109


Condensed Consolidating Statement of Comprehensive Income [Table Text Block]
Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 3, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
2,219

 
$
4,416

 
$
(1,089
)
 
$
5,546

Credit card revenues (expense), net

 
(2
)
 
178

 

 
176

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(1,341
)
 
(3,143
)
 
1,089

 
(3,395
)
Selling, general and administrative expenses

 
(872
)
 
(1,305
)
 

 
(2,177
)
Gains on sale of real estate

 

 
7

 

 
7

Impairment and other costs

 

 
(2
)
 

 
(2
)
Operating income

 
4

 
151

 

 
155

Benefit plan income, net

 
3

 
5

 

 
8

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
4

 
(52
)
 
1

 

 
(47
)
Intercompany

 
(18
)
 
18

 

 

Equity in earnings (loss) of subsidiaries
82

 
(108
)
 

 
26

 

Income (loss) before income taxes
86

 
(171
)
 
175

 
26

 
116

Federal, state and local income
tax benefit (expense)

 
7

 
(37
)
 

 
(30
)
Net income (loss)
86

 
(164
)
 
138

 
26

 
86

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
86

 
$
(164
)
 
$
138

 
$
26

 
$
86

Comprehensive income (loss)
$
91

 
$
(159
)
 
$
142

 
$
17

 
$
91

Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
91

 
$
(159
)
 
$
142

 
$
17

 
$
91

Condensed Consolidating Statement of Comprehensive Income
For the 13 Weeks Ended August 4, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
2,072

 
$
4,914

 
$
(1,414
)
 
$
5,572

Credit card revenues, net

 
3

 
183

 

 
186

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(1,271
)
 
(3,463
)
 
1,414

 
(3,320
)
Selling, general and administrative expenses

 
(812
)
 
(1,352
)
 

 
(2,164
)
Gains on sale of real estate

 
19

 
27

 

 
46

Impairment and other costs

 
2

 
(19
)
 

 
(17
)
Operating income

 
13

 
290

 

 
303

Benefit plan income, net

 
4

 
7

 

 
11

Settlement charges
(6
)
 
(16
)
 
(28
)
 

 
(50
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 


External
5

 
(69
)
 
2

 

 
(62
)
Intercompany

 
(17
)
 
17

 

 

Losses on early retirement of debt

 
(5
)
 

 

 
(5
)
Equity in earnings of subsidiaries
167

 
8

 

 
(175
)
 

Income (loss) before income taxes
166

 
(82
)
 
288

 
(175
)
 
197

Federal, state and local income
tax benefit (expense)

 
30

 
(63
)
 

 
(33
)
Net income (loss)
166

 
(52
)
 
225

 
(175
)
 
164

Net loss attributable to noncontrolling interest

 

 
2

 

 
2

Net income (loss) attributable to
Macy's, Inc. shareholders
$
166

 
$
(52
)
 
$
227

 
$
(175
)
 
$
166

Comprehensive income (loss)
$
186

 
$
(35
)
 
$
236

 
$
(203
)
 
$
184

Comprehensive loss attributable to
noncontrolling interest

 

 
2

 

 
2

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
186

 
$
(35
)
 
$
238

 
$
(203
)
 
$
186










Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 3, 2019
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
4,373

 
$
9,184

 
$
(2,507
)
 
$
11,050

Credit card revenues (expense), net

 
(5
)
 
353

 

 
348

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(2,682
)
 
(6,623
)
 
2,507

 
(6,798
)
Selling, general and administrative expenses
1

 
(1,674
)
 
(2,614
)
 

 
(4,287
)
Gains on sale of real estate

 
24

 
25

 

 
49

Impairment and other costs

 

 
(3
)
 

 
(3
)
Operating income
1

 
36

 
322

 

 
359

Benefit plan income, net

 
6

 
9

 

 
15

Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
9

 
(105
)
 
2

 

 
(94
)
Intercompany

 
(37
)
 
37

 

 

Equity in earnings (loss) of subsidiaries
214

 
(138
)
 

 
(76
)
 

Income (loss) before income taxes
224

 
(238
)
 
370

 
(76
)
 
280

Federal, state and local income
tax benefit (expense)
(1
)
 
31

 
(87
)
 

 
(57
)
Net income (loss)
223

 
(207
)
 
283

 
(76
)
 
223

Net loss attributable to noncontrolling interest

 

 

 

 

Net income (loss) attributable to
Macy's, Inc. shareholders
$
223

 
$
(207
)
 
$
283

 
$
(76
)
 
$
223

Comprehensive income (loss)
$
234

 
$
(197
)
 
$
291

 
$
(94
)
 
$
234

Comprehensive loss attributable to
noncontrolling interest

 

 

 

 

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
234

 
$
(197
)
 
$
291

 
$
(94
)
 
$
234












Condensed Consolidating Statement of Comprehensive Income
For the 26 Weeks Ended August 4, 2018
(millions)
 
 
Parent
 
Subsidiary
Issuer
 
Other
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Net sales
$

 
$
4,081

 
$
10,277

 
$
(3,246
)
 
$
11,112

Credit card revenues (expense), net

 
(3
)
 
346

 

 
343

 
 
 
 
 
 
 
 
 
 
Cost of sales

 
(2,591
)
 
(7,356
)
 
3,246

 
(6,701
)
Selling, general and administrative expenses

 
(1,641
)
 
(2,606
)
 

 
(4,247
)
Gains on sale of real estate

 
42

 
28

 

 
70

Impairment and other costs

 
2

 
(38
)
 

 
(36
)
Operating income (loss)

 
(110
)
 
651

 

 
541

Benefit plan income, net

 
8

 
14

 

 
22

Settlement charges
(6
)
 
(16
)
 
(28
)
 

 
(50
)
Interest (expense) income, net:
 
 
 
 
 
 
 
 
 
External
9

 
(139
)
 
2

 

 
(128
)
Intercompany

 
(36
)
 
36

 

 

Losses on early retirement of debt

 
(5
)
 

 

 
(5
)
Equity in earnings of subsidiaries
304

 
109

 

 
(413
)
 

Income (loss) before income taxes
307

 
(189
)
 
675

 
(413
)
 
380

Federal, state and local income
tax benefit (expense)
(1
)
 
67

 
(150
)
 

 
(84
)
Net income (loss)
306

 
(122
)
 
525

 
(413
)
 
296

Net loss attributable to noncontrolling interest

 

 
10

 

 
10

Net income (loss) attributable to
Macy's, Inc. shareholders
$
306

 
$
(122
)
 
$
535

 
$
(413
)
 
$
306

Comprehensive income (loss)
$
333

 
$
(99
)
 
$
540

 
$
(451
)
 
$
323

Comprehensive loss attributable to
noncontrolling interest

 

 
10

 

 
10

Comprehensive income (loss) attributable to
Macy's, Inc. shareholders
$
333

 
$
(99
)
 
$
550

 
$
(451
)
 
$
333